Dissolution of Joint Property Ownership in Spain

[Lawbird Lawyer]

Dear confused Scot,

You as appointed beneficiary would have to pay Spanish Inheritance tax and PlusvalÃ*a on the Spanish estate.

This is not the right thread to make this question.

Thre are other threads with specific articles on the matter:

Spanish Inheritance Tax: How much is it? - 1st February 2000

Spanish Inheritance Tax: Advantages of Making a Will in Spain - 3rd September 2009

Yours faithfully,
Raymundo LarraÃ*n Nesbitt

[Mike]

I am trying to get my name and my brothers name added to an apartment my father owns in spain. I see the above post by Nik, but the attorney I spoke to said 10,00 plus transfer tax. Is that possible? Seems outrageous. All we are doing is adding two names to the title

[Lawbird Lawyer]

Dear Mike,

Your have been adviced correctly.

This thread is for a Dissolution of Joint Property Ownership. This procedure requires you already own a share of the property. You only pay 1% Stamp Duty on the value of the whole property.

In yours and your brothers case you don't own a share of your father's property therefor you have to pay 7% Transfer tax plus all the associated expenses (Lawyer's fees, Notary and Land Registry fees).

You simply do not qualify for a Dissolution of Joint Property Ownership, you have to buy the property outright.

Let me know if we can assist you on your matter.

Yours faithfully,
Raymundo LarraÃ*n Nesbitt

[liz and Jean]

i own 50% of a property in spain and co owner is selling his 50% , both have our own deeds as no mortgage . Does he have to have my signature for when he sells his share or can he just sell to anyone he wishes even if i dont agree to it , thank you Liz and Jean

[Lawbird Lawyer]

Dear Sir or Madam,

He is able to sell his 50% to whomever he pleases following Art 399 of the Spanish Civil Code. He does not need your permission nor your signature.

Yours faithfully,
Raymundo LarraÃ*n Nesbitt

[Unregistered]

Hi

I could potentially own a house in spain it is old and ruined but am hoping to rebuild as the structure is good it was my grandmothers who has passed away, it belongs to my Mum her two brothers and her sister. 3 parties involved have said I can have their share and I am waiting to hear from the 4th party. How do I change the house to my name if and when they agree.

Please can someone help

Clare

[Lawbird Lawyer]

Dear Madam,

As per the article that starts off this thread all you have to do is sign a deed of Dissolution of Joint Property Ownership. You will only pay 1% Stamp Duty on the full property value instead of 7% transfer tax.

You will need to hire a Spanish lawyer to assist you on this matter.

Please contact us if you are interested. We charge 1% of the value of the property plus VAT, subject to a minimum legal fee of €1,300 plus VAT.

Dissolution of Joint Property Ownership

A Deed of Dissolution of Joint Ownership allows joint owners to re-arrange their share on any property in a tax-efficient manner as it enables the outgoing joint owner to transfer his share to the existing joint owner legally avoiding the extreme 7% Transfer Tax plus the complications of having to allow the buyer to make a retention on the value of the share transferred for Capital Gains Tax which is only recoverable many months after the deeds are signed.

This procedure is useful for:

Couples owning property in joint names whose relationship has come to an end (separation, divorce, etc.)
Beneficiaries of an inheritance who have effectively inherited a share in a property may decide to transfer it to another joint-owner.
Friends who are joint-owners of property may simply opt out for unspecified reasons.

The service includes

1. Make preparations at the Notary Public for completion of the dissolution of the joint property ownership or any further preparations required relating to the purchase such as preparation of powers of attorney for individuals abroad (duly legalised and translated) which give authority to a physical person/s to act on behalf of the buyers.


2. Assist in the completion process and ensure title deeds are properly registered in the appropriate local Land Registry, and that the property is free from all charges and encumbrances, as well as payment of the relevant taxes associated with the purchase.


3. If the property is Subject to a Mortgage, we assist in discharging the outgoing joint owner, who obviously will not be willing to continue guaranteeing the loan. At this point we can aslo help negotiating a new mortgage at a lower cost.

This process can be arranged in a few days without any need for you to come over to Spain by means of granting us a specific Power of Attorney. We will undertake to make the necessary preparations, sign the Deed and register the new ownership with the Land Registry.

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* With a minimum of €1,300.
* Our Fees do not include VAT (Currently at 16%)


Yours faithfully,
Raymundo LarraÃ*n Nesbitt

[Elin]

Hello, I co own a property with a friend of mine who has just sadly died. We had a Spanish will so hopefull the house is covered. We had a joint bank account which paid the bills - will that account revert to my name as it would in England ? He has a wife and she iis looking at the account to see if she can get the money - there is very little in it and it pays the bills so I need to keep it.

[Johanna]

If someone owned property in Spain and left the country without paying outstanding taxes etc & simply disappeared. If you know where they are is there a way of reporting them?

[Lawbird Lawyer]

You can report them to the Tax office...